US Retail Sales Dropped 16.4% in April
America’s retail sales hit a historic low last month, another victim of the coronavirus crisis.
An advance reading from the Census Bureau showed U.S. retail sales plummeted by 16.4% in April.
That’s the largest drop since this data series began in 1992.
It’s also significantly higher than the more than 8% sales drop in March.
Clothing and accessory stores saw the biggest hit, down 89.3% in April.
Several retailers have filed for bankruptcy in recent weeks, including Neiman Marcus and J. Crew.